Discuss (a) Tippee

Insider trading = the unpublished price-sensitive information's exploitation — the trading (or the tipping, or the counselling) by one who holds the market's secret before the market does. The anatomy: the insider (the classic — the director, officer, employee, auditor, lawyer, the substantial shareholder: the position's access) and the quasi-insider/constructive insider (the temporary insider — the professional who receives in confidence); the tipper-and-tippee (the leaking insider and the trading recipient — the tippee's liability inherited from the breach); themisappropriator (the outsider who steals the information — the printer's-and-journalist's cases of the comparative lore). The information's test: unpublished (the market doesn't have it) andprice-sensitive (the material investor's judgment would move). Nepal's frame: the Securities Act 2063's prohibition-family (the connected persons' trading on the non-public material information — the Act's insider-regime, by name-and-effect).